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Reddit Student Loans – Reddit is not just a place for cute animal videos and memes. If you venture into the student loan forum, you will find some helpful advice on managing student debt.
The Reddit student loans community is an environment of discussion, information, and also assistance related to the topic of student loan debt. You can ask questions, talk to other borrowers, and discuss the latest news. In this article, I will be emphasizing on the Reddit student loan.
What can you learn from the Reddit student loans community? Here are four of the best discussions in this.
1. PSA – You shouldn’t pay anyone to help with your student loans
This PSA reminds you to never pay a third party to manage your student loans. If you want to get on an income-driven repayment plan or refinance your student loans, you can do so on your own for free.
If you check out some responses to this PSA, you will find additional tips for securing your personal information. Plus, you can learn about common student loan scams and how to avoid them.
This thread is just one example of a Reddit student loans discussion with useful information for borrowers.
It makes a vital public service announcement while opening up a forum for people to exchange stories.
You can use a thread like this to stay up to date on important student loan information, as well as to learn from other people’s experiences.
2. Public Service Loan Forgiveness (PSLF), Perkins loans, and subsidized loans are on the chopping block in Trump’s first education budget proposal
This post discusses some of the proposed changes, such as the elimination of Public Service Loan Forgiveness and a 50 percent reduction in funding for the federal work-study program.
It also links to a detailed Washington Post article, so you can easily fact check these claims.
3. What’s the best way to pay off student loans?
The Reddit student loans community is also a helpful place to ask about your specific student loan situation.
A user asks about the best way to pay off their loans in order to minimize interest. They have received some bad advice; their parents suggested making small payments to strengthen their credit score.
Luckily, many commenters encouraged this user to ignore this advice. They suggested the user pay off the loans as fast as possible instead.
“As for your parents’ comment about making smaller payments, please don’t listen to them if you don’t have to (meaning, if you can actually afford to pay more than the minimum, DO IT),” says one commenter.
This is solid advice, as the longer, you have student loans, the more you will pay in interest. Plus, on-time payments only do so much to improve your credit score. Reducing your debt-to-income ratio can also help build it up.
Of course, this user should still look to official sources to figure out the best way to pay off their loans. But by posting in a Reddit loans thread, they got some decent advice right off the bat.
4. Why did you choose to go into so much student debt and what would you do differently?
Student loans are an emotional topic for a lot of people. High payments are a burden for a lot, especially if you are struggling to find a job after graduation.
This discussion is not geared toward advice or news. Rather, it is a place where people get together to share their stories and their regrets about taking on student debt.
One user says, “I really felt like I was doing what I was meant to be doing, pursuing the career goals I wanted.
Did it put me $117,000 in debt? Yes. And I totally regret the manner in which I racked up that debt.”
Beyond advice and resources, the student loans group offers a place to share experiences and connect with a community. You can discuss the lessons you learned and assist future borrowers to avoid the same mistakes.
Reddit Student Loans Advice
Any posts in the student loans forum must follow the community’s guidelines. You cannot ask people to crowdfund your debt, for instance, nor can you advertise contact information for loan servicer employees.
Moderators maintain the community to remove harmful comments or spam, but they cannot catch every piece of bad information. Plus, some advice is subjective and won’t necessarily apply to your situation.
You can find a number of legitimate student loan resources for free online. While Reddit loans offer an active, engaged community and can offer some tips to point you in the right track, it should be just one of many means you use to manage your student debt.
1. How and where can I find out how much I owe?
The coolest way is to check directly with your student loan servicer. If you don’t know your servicer, you can find balances for federal loans in the NSLDS.
For private student loans, you may need to check your credit report or contact your school’s financial aid office to locate the lender.
2. How do I figure out if my loans are federal or private?
The easiest way is to check your loans in the NSLDS. All loans listed in the NSLDS are federal student loans. Any that are not are likely private student loans with some exceptions.
3. How can I lower my payments?
Income-driven plans may be your best option for federal student loans. It is also possible to lower payments by refinancing with a private lender.
4. I cannot afford to make payments. What can I do?
If you have federal loans, look into deferment and forbearance to pause your payments. If qualified, you typically need to make a request with your servicer.
Private student loan lenders vary with their forbearance options, and it may be hard to get forbearance. You will need to talk to your private student loan lender directly to arrange this.
5. Can I get forgiveness for private student loans?
Private student loans are generally not qualified for forgiveness as most forgiveness programs only work with federal student loans. However, you may have other options.
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